Valuation & Appointed Actuary

Royal Neighbors of America • Rock Island, IL

20h • Hybrid

About The Position

Summary: Serve as the Society’s Appointed Actuary with responsibility for the development of Financial Valuations and Actuarial Memorandum support and other actuarial matters including regulatory opinions and valuation compliance with applicable state-based laws. Serve as the Society’s model steward. Support the Chief Actuary with the development of Financial Planning and Forecasts, Financial Analysis, new insurance product development, experience studies, forward-looking financial and risk management models and asset/liability matching analysis, by performing the following duties: Essential Duties and Responsibilities: Serve as the Society’s Appointed Actuary, overseeing certificate reserve and additional liability valuation, cash flow testing, and opining on the adequacy of the Society’s assets backing reserves to meet future obligations. Respond to requests from internal and external auditors accurately and in a timely manner. Fulfill survey and other reporting requirements for additional stakeholders, such as other business areas, regulators, and rating agencies. Regular reporting to the Society’s Board of Directors. Business leader within the organization. Serve as the Society’s model steward with responsibilities for updating and maintaining the Society’s models and model governance. Help lead asset/liability management analysis efforts. Help evaluate financial implications of reinsurance treaties. Help provide financial projections on both a short-term and long-term time frames, as well as provide updated year-to-date forecasts on a regular basis. Provide actuarial support for RNA experience studies including Mortality, Lapse, and Expense reports. Provide actuarial support for dividend scale analysis, as needed. Provide actuarial support for RNA insurance product development, as needed. Provide technical support and complete special projects for the Chief Actuary in establishing profit objectives. Complete special projects for the Chief Actuary, as needed. Analyze detailed premium production reports, claim experience exhibits and accounting transaction reports combined with knowledge of statutory-basis financial report requirements including actuarial mandates for monthly certificate reserving and establishing appropriate claim reserves. Assist accounting and investment staff with preparation of product and line of business management reports. Maintain all continuing education requirements related to the role of the Appointed Actuary above expectations and adhere to all regulatory requirements and actuarial guidance. Other duties as assigned. Supervisory Responsibilities: This job has supervisory responsibilities. Qualifications: To perform this job successfully, an individual must be able to perform each essential duty satisfactorily. The requirements listed below are representative of the knowledge, skill, and/or ability required. Reasonable accommodation may be made to enable individuals with disabilities to perform the essential functions.

Requirements

• Bachelor’s degree (BA or BS) from four-year college or university required.
• Five years of related experience and/or training; or equivalent combination of education and experience.
• Associate, Society of Actuaries (ASA) designation, required; with sufficient experience, education, and continuing education requirements fulfilled to sign NAIC Life, Accident & Health, and Fraternal Annual Statements
• Member of Academy of Actuaries (MAAA) or eligibility for membership required.
• Successful completion of the Life Office Management Association (LOMA) certifications and designations: Associate, Insurance Regulatory Compliance (AIRC) and Fellow, Life Management Institute (FLMI), required
• Customer Experience Essentials Certificate and Associate, preferred, Customer Service (ACS), preferred.
• Communicates Clearly and Effectively
• Demonstrates Leadership
• Achieves Results
• Manages Performance
• Builds Partnerships
• Thinks Strategically
• Adapts to and Promotes Change
• Valuation calculations, financial analysis, financial projections, risk assessments, life insurance product management, and relationship management.
• To perform this job successfully, an individual should have experience with Actuarial Software (such as GGY AXIS), policy administration systems (such as LifePro) and data manipulation tools (such as R or PowerBI); knowledge of Database software; Internet software; Spreadsheet software and Word Processing and Power point.
• Proficient mathematical skills as demonstrated by passing actuarial exams.
• Life insurance product compliance and regulations.
• General knowledge of insurance industry and product developments.
• Ability to read, analyze, and interpret general business periodicals, professional journals, technical procedures, or governmental regulations.
• Ability to write reports, business correspondence, and procedure manuals.
• Ability to effectively present information and respond to questions from groups of managers, clients, customers, and the general public.
• Ability to solve practical problems and deal with a variety of concrete variables in situations where only limited standardization exists.
• Ability to interpret a variety of instructions furnished in written, oral, diagram, or schedule form.

Nice To Haves

• Fellow, Society of Actuaries (FSA)

Responsibilities

• Serve as the Society’s Appointed Actuary, overseeing certificate reserve and additional liability valuation, cash flow testing, and opining on the adequacy of the Society’s assets backing reserves to meet future obligations.
• Respond to requests from internal and external auditors accurately and in a timely manner.
• Fulfill survey and other reporting requirements for additional stakeholders, such as other business areas, regulators, and rating agencies.
• Regular reporting to the Society’s Board of Directors.
• Business leader within the organization.
• Serve as the Society’s model steward with responsibilities for updating and maintaining the Society’s models and model governance.
• Help lead asset/liability management analysis efforts.
• Help evaluate financial implications of reinsurance treaties.
• Help provide financial projections on both a short-term and long-term time frames, as well as provide updated year-to-date forecasts on a regular basis.
• Provide actuarial support for RNA experience studies including Mortality, Lapse, and Expense reports.
• Provide actuarial support for dividend scale analysis, as needed.
• Provide actuarial support for RNA insurance product development, as needed.
• Provide technical support and complete special projects for the Chief Actuary in establishing profit objectives.
• Complete special projects for the Chief Actuary, as needed.
• Analyze detailed premium production reports, claim experience exhibits and accounting transaction reports combined with knowledge of statutory-basis financial report requirements including actuarial mandates for monthly certificate reserving and establishing appropriate claim reserves.
• Assist accounting and investment staff with preparation of product and line of business management reports.
• Maintain all continuing education requirements related to the role of the Appointed Actuary above expectations and adhere to all regulatory requirements and actuarial guidance.
• Other duties as assigned.

Benefits

• We offer a comprehensive package of benefits including paid time off, health and dental insurance, and 401(k) to eligible employees. You can find more about our benefits at: https://flimp.live/RNAbenefitshowcase
• Additionally, this position is incentive eligible with a target based on company performance, and/or individual results achieved; the specific incentive plan and target amount will be determined on the role.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level